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UAE tops Arab countries in export rankings

UAE tops Arab countries in export rankings

ABU DHABI: World Trade Organization (WTO), also pointed out that the UAE ranked 21stglobally and first in the Arab world, in export of services as well as 17th in the world and first in the Arab world, in the import of services.

According to WTO estimates, the UAE achieved merchandise exports grew by 20.4 per cent in 2017, as against a global growth of 10.7 per cent and growth in the Middle East by 18 per cent, during the same period.

On the import side, the country’s merchandise imports fell by 1.1 per cent compared to 2016, while world merchandise imports increased by 10.7 per cent and Middle East merchandise imports by 1.1 per cent, during the same period.

The report states that in terms of commercial services, the UAE achieved a growth of 7.5 per cent in 2017 on the export side, at a value of $70 billion, while its imports grew by 1.9 per cent, at a value of $84 billion. Global commercial imports increased by 7.4 per cent and imports by 6.5 per cent, during the same period.  

“The 2018’s trade growth rates reported by the WTO, reflects the UAE’s position in the regional and international markets,” said HE Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, adding that this result reflects the UAE’s trade policy which is flexible and facilitates import and export, in line with UAE’s vision 2021.

According to the WTO report, the UAE has continuously maintained its position among the top 20 exporters in the world, from 2007 to the present, and is also the first among Arab countries since 2013. The UAE accounts for two per cent of the world’s total merchandise exports in 2017 compared to 1.7 per cent in 2016, and 1.5 per cent of the world’s merchandise imports for 2017, as against 1.4 per cent of world commodity imports for 2016.